Word: embargo
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After formally declaring Red China an aggressor (TIME, Feb. 12), the U.N. General Assembly set up a twelve-man committee to consider "additional measures" against Peking. Last week, three months later, the U.S. decided the time had come for some additional measures. U.S. Delegate Ernest Gross asked for an embargo on "arms, ammunition, implements of war, petroleum, atomic energy materials" to Red China...
...official rate of 3,880 to $1 Hong Kong. About a month ago, however, the rate jumped on the black market to 4,600 J.M.P. to $1 Hong Kong. This 20% increase is attributed to the costs of the Korean war and the effects of the U.S. embargo on shipments of strategic goods to China...
...stay in Korea made good sense if that decision was looked on as part of a plan to punish the Chinese aggressor. The Chinese army could be fought in the north, while Red China's strength was drained by embargo and Nationalist attacks in the south. But to stay in Korea and not try to hurt Red China elsewhere would be just obstinacy, not policy...
...Communists captured China, Hong Kong's traders argued that their island's value as the East's greatest trading center immunized it against aggression. Hanging out the "business as usual sign, they continued to do a flourishing trade with Red China. In recent months the U.S. embargo on China-bound exports threatened to curtail their prosperity...
...embargo, however, had begun to take its toll. Traders whose godowns were crammed with U.S. goods when the embargo went into effect have no way of replenishing their stocks. Cut off from 25% of their former imports, the colony's businessmen worry about satisfying their demanding Red Chinese customers. If the customers grew angry, their armies could overrun Hong Kong in a few days...